KANOHAR ELECTRICALS — THE TRANSFORMER BOOM IS JUST BEGINNING

India needs more power. But before that power reaches homes, factories and data centres — it needs transformers, substations and transmission lines. That's where Kanohar Electricals operates. Founded in 1972, Kanohar manufactures power transformers, shunt reactors, traction transformers and GIS, while also executing substations and transmission lines on an EPC basis. And the opportunity is getting bigger. India's electricity demand is rising. Renewables are expanding. Railways are electrifying. Data centres are coming up. Industrial capacity is increasing. Every one of these requires grid infrastructure. Kanohar has expanded its transformer manufacturing capacity to 19,200 MVA annually, with facilities in Meerut and backward integration for critical components such as transformer tanks and radiators. But there's another interesting differentiator. Kanohar can manufacture transformers up to 500 MVA / 400 kV, and the company says it is among only five Indian manufacturers with short-circuit certification for this class of transformer. It also manufactures specialised Scott-connected transformers for railway electrification. So the opportunity isn't just: More transformers → More revenue. It's: Power generation → Transmission → Substations → Rail electrification → Industrial capex → Data centres Kanohar can participate across that infrastructure chain. The company has also moved beyond equipment manufacturing into EPC, covering substations and transmission lines up to 400 kV. And now comes an important phase: IPO + capacity + execution. Kanohar's September 2026 prospectus confirms its public offering, while the company has been positioning the capital-market process alongside its growth plans. Of course, this isn't a risk-free story. Transformer manufacturing is capital intensive. Raw-material prices can affect margins, EPC projects carry execution and working-capital risks, and larger established players create intense competition.